For the first time in years, Minnesota has more public companies this year than last

For the first time in a decade or more, the universe of Minnesota public companies has more additions than subtractions.

In 2017, the Star Tribune rebranded the list of largest public companies to Star Tribune 50. The Star Tribune had ranked the 100 largest by revenue, but there were no longer enough to publish a full list. There had been a steady progression of more public companies dropping off — either moving or being bought — than being added.

Additions came from initial public offerings (one caveat: eligibility was changed so companies going public before April 30, instead of Dec. 31, were eligible). Also, one company that moved its headquarters from Canada and a business acquired by a special purpose acquisition company (SPAC) moved its listing to the New York Stock Exchange.

That was enough to offset companies lost to mergers, bankruptcies or other reasons.

Here are highlights:

• The biggest company to debut this year was New Brighton-based APi Group at No. 16. The provider of safety, specialty and industrial services was acquired by a SPAC in fall 2019 and listed its shares on the NYSE on May 3, 2020.

• Also on the list: SunOpta, which opened a new headquarters this year in Eden Prairie. The company was officially headquartered outside Toronto and maintained its U.S. operations in the Twin Cities. Since senior management now operates from the new headquarters, the maker of plant- and fruit-based food and beverages debuted at No. 35 on the list.

• A major surge in IPOs added three public companies, including Bloomington-based Agiliti Inc., which raised nearly $400 million through its April 23 offering. The IPO returns the Minnesota business to the public-company ranks, now at No. 36 on the list. Agiliti manages durable equipment for the health care industry. It used to be known as Universal Hospital Services, which was a public company for years before being taken private and its name changed under the private-equity owners.

• Despite major revenue declines caused by restricted travel during the coronavirus pandemic, Sun Country Airlines was able to complete an IPO on March 16 and makes its debut at No. 43. Its value proposition of offering scheduled, chartered and cargo air services resonated with investors, and the IPO priced at $24, above the offering range of $21 to $23. It has traded above its offering price since, with its price rising as high as $43 per share in April 21.

• Jamf Holding, No. 47, completed one of the largest IPOs in Minnesota history, raising $468 million in an offering in July. The provider of enterprise integration services for Apple products was expected to sell 16 million shares between $21-$23 per share but instead sold 18 million shares at $26 per share.

• On July 15, Wayzata-based specialty insurance company Trean Insurance Group raised $179 million from its IPO and overallotment; and on April 21, Bloomington-based computer chipmaker SkyWater Technology Inc. raised $112 million when the company boosted its IPO. Neither ranked among the Top 50 Minnesota public companies, though. SkyWater ranked 53rd and Trean 55th, and are likely to grow into the Top 50 next year.

• Eden Prairie-based MTS Systems likely makes its final appearance on the list at No. 33. It agreed in December to be acquired by Connecticut-based Amphenol in a $1.6 billion deal. Shareholders of MTS Systems, a maker of hardware and software simulation testing systems, gave their final approvals in March, and the deal closed April 7.

The Star Tribune has been inclusive in its definition of a Minnesota public company, as the number of companies with true headquarters in the state shrank over the years. That's why Medtronic, Pentair, nVent Electric and Stratasys are all on the list, even though their technical headquarters are overseas. The reason: Those companies are managed from Minnesota offices and continue to have significant employee bases in Minnesota.

TCF Financial was still on last year's list, ranked at No. 22, despite the fact it had been acquired in 2019 by Detroit-based Chemical Financial. The $3.5 billion deal moved the headquarters to Detroit, but Craig Dahl of TCF was chief executive and considered Minnesota his home base. Dahl retired in 2020, and in December, TCF announced an even bigger, $5.9 billion deal with Huntington Bancshares, further cementing it as a true Detroit-based company. Therefore, TCF is no longer on the list.

Also dropping off was Christopher & Banks, No. 41 on last year's list. Retail disruption made worse by the pandemic, accelerated the decline of the Plymouth-based women's clothing chain. It declared Chapter 11 bankruptcy in January. In March, Eden Prairie-based multichannel retailer iMedia Brands acquired some of Christopher & Banks' assets.

Investors Real Estate Trust, WPT Industrial Real Estate Investment Trust and Nortech Systems were ranked 48th, 49th and 50th last year. With the new additions, they dropped off the Top 50 list.

WPT develops, manages and owns distribution and logistics buildings across the U.S. Even though its revenue grew 44% last year, it dropped to No. 52 in the rankings.

Investors Real Estate Trust, an owner and operator of apartment communities, is No. 51 on the list. It has officially adopted a new name and brand, Centerspace.

Nortech Systems dropped to No. 57.

Patrick Kennedy • 612-673-7926